I think a successful product strategy can be "build something you love, see if others love it too". If that's enough customers, you can judiciously expand out from there. The "fail honestly" method.
I think the Apple II is one example of this.
>”you can judiciously expand out from there”
Which is where the bulk of the other 80% of features come from. It’s a cycle.
You start as you describe, you expand, you end up with this enterprise monstrosity, everyone using a different 20%. New tool comes along, you start as you describe…
If ten people make focused tools covering different 20% subsets of the giant ones, there's a good chance of having a choice that matches what any given customer wants. And for most customers, that's going to be a better match than a big tool that does tons of other stuff they didn't want.
This is the best way to build products imo. I'm like this, and I've been accused of being very "vibes-based." However, that's a way more tractable way of shipping stuff instead of "well Jim said he wants X, but Amy said she wants Y" so you end up just kind of half-assing features because you think they might get you users, instead of just being passionately all-in into a very defined product vision (which is a very Jobsian way of doing things).
It's also easier to run a feedback loop. If you implement Y, but Amy doesn't give you $5 a month, what are you going to do? Knock on her door? Users have no idea what they want half the time, anyway.
If you build a product and no one cares, it bruises the ego a bit more, sure, but if you self reflect, you can eek out your own bad assumptions, or bad implementation, or maybe a way to pivot that keeps your product ethos.